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Lloyds weighs up overhaul of staff remuneration structures

Lloyds Banking Group is believed to be considering scrapping annual bonuses for senior employees and institutionalising a 10-year timeframe for long-term incentive plans, compared with the conventional three years for typical LTIPs.

Sources said that the lender, which is 40%-owned by the UK taxpayer, has sounded out shareholders about the tentative proposal, under which fresh trigger clauses for payouts could be set - including one relating to Lloyds’ stock price hitting the average price of 74p at which the Treasury provided its bailout funding.

The move is part of Lloyds’ efforts to align staff remuneration with the long-term interests of investors, and demonstrate to politicians and the general public that it is adopting a more responsible approach on the issue of compensation.